Essential Question: Is the price setting process employed in the U.S. the best way to determine the price of goods and services?

Who determines the price of a product? The Conventional Wisdom suggests that business owners and/or management set the price of products. As is often the case, conventional wisdom is not completely accurate. It is a superficial understanding.
During this unit of study students will learn that price is "discovered" by sellers; business owners and/or business management.
Some terms and concepts you should be able to explain and discuss.
Goods, services, price, consumer, manufacturer, wholesaler, distributer, retailer, big box retailer, discount retailer, supply, demand, quantity supplied, quantity demanded, equilibrium point, determinants of demand, tastes and preferences, population, income, price of a compliment, price of a substitute, determinant of supply, cost to produce, survey, test market, competition, quality, product innovation, negotiation, strategic planning, monopoly, monopolistic control, oligopoly, government regulation, price controls, capitalism, profit, command economics